India Leads Global Renewable Energy Transition with Record Growth: Pralhad Joshi

Union Minister Highlights India's Progress in Solar, Green Hydrogen, and Policy Reforms at India Energy Transition Conference.

Emphasizing India’s leadership in the global renewable energy transition, Union Minister for New and Renewable Energy, Shri Pralhad Joshi, stated that the country is progressing with unprecedented speed, scale, and scope. He was addressing the third India Energy Transition Conference, organized by FICCI in New Delhi, where key policymakers, industry leaders, and global stakeholders gathered to discuss India’s renewable energy roadmap.

India’s Rapid Renewable Energy Growth

Shri Joshi highlighted that, under the visionary leadership of Prime Minister Shri Narendra Modi, India has not only set ambitious renewable energy goals but has been achieving them at record-breaking pace.

 Key Achievements in Renewable Energy:

 India has reached nearly 100 GW of solar power capacity and is set to add 50 GW of new renewable capacity annually. 

Installed renewable capacity has surged by nearly 200% in a decade—from 75.52 GW in 2014 to 220 GW in 2024. 

Solar power tariffs have dropped by 80%, from ₹10.95 per unit in 2010-11 to ₹2.15 per unit today, making India a leader in affordable green energy.

Future Targets: 500 GW by 2030, 1,800 GW by 2047

India is on track to achieve:

500 GW of non-fossil fuel capacity by 2030—aligning with its climate commitments at COP26.

A long-term vision of 1,800 GW by 2047, as India aims to become a global renewable energy powerhouse by its centenary of independence.

PM SuryaGhar Yojana: Solar Energy for Every Household

Shri Joshi also spoke about the success of the PM SuryaGhar Yojana, which aims to:

• Facilitate the installation of 1 crore rooftop solar panels, reducing household electricity bills.
• 8.5 lakh installations have already been completed, benefiting lakhs of citizens.
• Many beneficiaries have started generating income by selling surplus solar power back to the grid.

Growing Demand and Investment in Renewable Energy

As India’s energy demand is expected to double by 2032, Shri Joshi emphasized the urgent need for higher renewable energy financing to meet at least 50% of this rising demand through green sources.

India Now the 3rd Largest Renewable Energy Market

• India has overtaken Brazil to become the third-largest renewable energy market globally, trailing only China and the United States.
• The country’s renewable energy sector has attracted record investments, reflecting growing global confidence in its policy framework and execution capabilities.

Focus on Green Hydrogen: India's Next Big Leap

Shri Joshi reiterated India’s global leadership in Green Hydrogen, stating:

• The SIGHT Programme (Strategic Interventions for Green Hydrogen Transition) is set to boost domestic electrolyser manufacturing and hydrogen production.
• India is working to become a leading Green Hydrogen exporter, leveraging its low-cost renewable power and technological advancements.

Massive Investment Commitments in Renewable Energy

 At the 4th RE-Invest Summit held by the Ministry of New and Renewable Energy (MNRE) in Gandhinagar:

• Investment commitments worth ₹32.45 lakh crore ($390 billion) were made.
• Industry leaders pledged to install 540 GW of solar and wind capacity, reinforcing India’s role as a global hub for renewable energy investment.

Addressing Challenges & Policy Reforms

To accelerate India’s clean energy transition, Shri Joshi assured that the Ministry is actively addressing bottlenecks in the sector.

• MNRE is engaging with stakeholders to resolve challenges in land acquisition, storage, and transmission.
• Further consultations with industry leaders and financial institutions are planned to streamline regulations and boost investor confidence.

Launch of FICCI Report on India’s Energy Transition

Union Minister Joshi also launched the FICCI report titled 'Powering India’s Energy Transition' at the event, which outlines:

India’s roadmap to net-zero emissions. 

Strategies for scaling up battery storage, smart grids, and decentralized renewable energy solutions.

Policy recommendations to enhance private sector participation and global partnerships.

Secretary, Department of Financial Services, Shri M. Nagaraju, was also present at the event, reinforcing the government's commitment to sustainable energy financing.

Conclusion: India’s Renewable Energy Revolution is Unstoppable

India’s renewable energy sector is undergoing an unprecedented transformation, positioning itself as a global leader in solar, wind, and green hydrogen technologies. With record investments, ambitious capacity additions, and government-backed policy stability, the country is well on its way to achieving a sustainable, low-carbon future while ensuring economic growth and energy security.